Delaware
State of Other Jurisdiction of Incorporation
|
0-15661
Commission File Number
|
36-0724340
I.R.S. Employer Identification Number
|
Number | Exhibit | |
99.1 | Press Release titled “AMCOL INTERNATIONAL (NYSE:ACO) REPORTS FIRST QUARTER RESULTS” |
AMCOL INTERNATIONAL CORPORATION | |
Date: April 26, 2013 | By: /s/ Ryan F. McKendrick |
Ryan F. McKendrick | |
President and Chief Executive Officer |
AMCOL INTERNATIONAL CORPORATION
|
|||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|||||||||
(unaudited)
|
|||||||||
(In millions, except per share data)
|
|||||||||
Three Months Ended
|
|||||||||
March 31,
|
|||||||||
2013
|
2012
|
||||||||
Net sales
|
$
|
236.7
|
$
|
235.5
|
|||||
Cost of sales
|
173.6
|
170.8
|
|||||||
Gross profit
|
63.1
|
64.7
|
|||||||
Selling, general, and administrative expenses
|
46.8
|
43.3
|
|||||||
Operating profit
|
16.3
|
21.4
|
|||||||
Other income (expense):
|
|||||||||
Interest expense, net
|
(2.5
|
)
|
(2.7
|
)
|
|||||
Other, net
|
(0.7
|
)
|
(2.1
|
)
|
|||||
(3.2
|
)
|
(4.8
|
)
|
||||||
Income before income taxes and income (loss) from affiliates and joint ventures
|
13.1
|
16.6
|
|||||||
Income tax expense
|
3.6
|
4.4
|
|||||||
Income before income (loss) from affiliates and joint ventures
|
9.5
|
12.2
|
|||||||
Income (loss) from affiliates and joint ventures
|
0.9
|
1.3
|
|||||||
Net income
|
10.4
|
13.5
|
|||||||
Net income (loss) attributable to noncontrolling interests
|
(0.1
|
)
|
0.1
|
||||||
Net income attributable to AMCOL shareholders
|
$
|
10.5
|
$
|
13.4
|
|||||
Weighted average common shares outstanding
|
32.4
|
32.0
|
|||||||
Weighted average common and common equivalent shares outstanding
|
32.7
|
32.3
|
|||||||
Earnings per share attributable to AMCOL shareholders
|
|||||||||
Basic earnings per share
|
$
|
0.32
|
$
|
0.42
|
|||||
Diluted earnings per share
|
$
|
0.32
|
$
|
0.41
|
|||||
Dividends declared per share
|
$
|
0.20
|
$
|
0.18
|
AMCOL INTERNATIONAL CORPORATION
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(In millions)
|
||||||||
ASSETS
|
March 31,
|
December 31,
|
||||||
2013
|
2012
|
|||||||
(unaudited)
|
*
|
|||||||
Current assets:
|
||||||||
Cash and equivalents
|
$
|
31.1
|
$
|
40.0
|
||||
Accounts receivable, net
|
208.9
|
202.7
|
||||||
Inventories
|
148.4
|
153.8
|
||||||
Prepaid expenses
|
19.0
|
17.0
|
||||||
Deferred income taxes
|
7.3
|
7.0
|
||||||
Income tax receivable
|
11.1
|
7.0
|
||||||
Other
|
4.1
|
2.0
|
||||||
Total current assets
|
429.9
|
429.5
|
||||||
Noncurrent assets:
|
||||||||
Property, plant, equipment, mineral rights and reserves:
|
||||||||
Land
|
12.1
|
13.0
|
||||||
Mineral rights
|
44.7
|
48.6
|
||||||
Depreciable assets
|
563.6
|
552.0
|
||||||
620.4
|
613.6
|
|||||||
Accumulated depreciation and depletion
|
(315.1
|
)
|
(311.7
|
)
|
||||
305.3
|
301.9
|
|||||||
Goodwill
|
69.6
|
70.2
|
||||||
Intangible assets, net
|
32.9
|
33.9
|
||||||
Investments in and advances to affiliates and joint ventures
|
33.6
|
27.8
|
||||||
Available-for-sale securities
|
8.7
|
14.6
|
||||||
Deferred income taxes
|
8.0
|
7.4
|
||||||
Other assets
|
27.0
|
25.3
|
||||||
Total noncurrent assets
|
485.1
|
481.1
|
||||||
Total Assets
|
$
|
915.0
|
$
|
910.6
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
55.0
|
$
|
51.1
|
||||
Accrued income taxes
|
6.5
|
5.0
|
||||||
Accrued liabilities
|
59.0
|
58.4
|
||||||
Total current liabilities
|
120.5
|
114.5
|
||||||
Noncurrent liabilities:
|
||||||||
Long-term debt
|
251.6
|
248.8
|
||||||
Pension liabilities
|
37.7
|
37.5
|
||||||
Deferred compensation
|
10.3
|
9.4
|
||||||
Deferred income taxes
|
13.0
|
12.8
|
||||||
Other long-term liabilities
|
21.3
|
22.5
|
||||||
Total noncurrent liabilities
|
333.9
|
331.0
|
||||||
Shareholders' Equity:
|
||||||||
Common stock
|
0.3
|
0.3
|
||||||
Additional paid in capital
|
111.2
|
105.1
|
||||||
Retained earnings
|
359.2
|
355.2
|
||||||
Accumulated other comprehensive income
|
(12.8
|
)
|
0.8
|
|||||
Treasury stock
|
(0.7
|
)
|
-
|
|||||
Total AMCOL shareholders' equity
|
457.2
|
461.4
|
||||||
Noncontrolling interest
|
3.4
|
3.7
|
||||||
Total equity
|
460.6
|
465.1
|
||||||
Total Liabilities and Shareholders' Equity
|
$
|
915.0
|
$
|
910.6
|
||||
* Condensed from audited financial statements.
|
AMCOL INTERNATIONAL CORPORATION
|
||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
||||||||||||
(In millions)
|
||||||||||||
Three Months Ended
|
||||||||||||
March 31,
|
||||||||||||
2013
|
2012
|
|||||||||||
Cash flow from operating activities:
|
||||||||||||
Net income
|
$
|
10.4
|
$
|
13.5
|
||||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
||||||||||||
Depreciation, depletion, and amortization
|
11.8
|
10.7
|
||||||||||
Other non-cash charges
|
2.1
|
3.2
|
||||||||||
Changes in assets and liabilities, net of effects of acquisitions:
|
||||||||||||
Decrease (increase) in current assets
|
(14.2
|
)
|
2.4
|
|||||||||
Decrease (increase) in noncurrent assets
|
(1.6
|
)
|
(0.9
|
)
|
||||||||
Increase (decrease) in current liabilities
|
7.4
|
(9.5
|
)
|
|||||||||
Increase (decrease) in noncurrent liabilities
|
1.0
|
1.1
|
||||||||||
Net cash provided by (used in) operating activities
|
16.9
|
20.5
|
||||||||||
Cash flow from investing activities:
|
||||||||||||
Capital expenditures
|
(22.6
|
)
|
(16.6
|
)
|
||||||||
(Increase) decrease in investments and advances (to) from affiliates and joint ventures
|
(5.0
|
)
|
0.1
|
|||||||||
Proceeds from sale of land and depreciable assets
|
0.3
|
0.5
|
||||||||||
Other
|
0.7
|
0.6
|
||||||||||
Net cash (used in) investing activities
|
(26.6
|
)
|
(15.4
|
)
|
||||||||
Cash flow from financing activities:
|
||||||||||||
Net change in outstanding debt
|
2.9
|
(10.1
|
)
|
|||||||||
Proceeds from exercise of stock awards
|
3.9
|
3.4
|
||||||||||
Dividends paid
|
(6.5
|
)
|
(5.7
|
)
|
||||||||
Excess tax benefits from stock-based compensation
|
-
|
0.1
|
||||||||||
Contribution from noncontrolling partner
|
0.1
|
-
|
||||||||||
Net cash provided by (used in) financing activities
|
0.4
|
(12.3
|
)
|
|||||||||
Effect of foreign currency rate changes on cash
|
0.4
|
-
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
(8.9
|
)
|
(7.2
|
)
|
||||||||
Cash and cash equivalents at beginning of period
|
40.0
|
24.1
|
||||||||||
Cash and cash equivalents at end of period
|
$
|
31.1
|
$
|
16.9
|
||||||||
AMCOL INTERNATIONAL CORPORATION
|
|||||||||||||||||||||||
SEGMENT RESULTS (unaudited)
|
|||||||||||||||||||||||
QUARTER-TO-DATE
|
|||||||||||||||||||||||
Performance Materials
|
Three Months Ended March 31,
|
||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||
(Dollars in Millions)
|
|||||||||||||||||||||||
Net sales
|
$
|
117.2
|
100.0
|
%
|
$
|
125.2
|
100.0
|
%
|
$
|
(8.0
|
)
|
-6.4
|
%
|
||||||||||
Cost of sales
|
87.8
|
74.9
|
%
|
91.8
|
73.3
|
%
|
(4.0
|
)
|
-4.4
|
%
|
|||||||||||||
Gross profit
|
29.4
|
25.1
|
%
|
33.4
|
26.7
|
%
|
(4.0
|
)
|
-12.0
|
%
|
|||||||||||||
Selling, general andadministrative expenses
|
13.5
|
11.5
|
%
|
11.9
|
9.5
|
%
|
1.6
|
13.4
|
%
|
||||||||||||||
Operating profit
|
15.9
|
13.6
|
%
|
21.5
|
17.2
|
%
|
(5.6
|
)
|
-26.0
|
%
|
|||||||||||||
Construction Technologies
|
Three Months Ended March 31,
|
||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||
(Dollars in Millions)
|
|||||||||||||||||||||||
Net sales
|
$
|
42.8
|
100.0
|
%
|
$
|
51.0
|
100.0
|
%
|
$
|
(8.2
|
)
|
-16.1
|
%
|
||||||||||
Cost of sales
|
29.8
|
69.6
|
%
|
36.4
|
71.4
|
%
|
(6.6
|
)
|
-18.1
|
%
|
|||||||||||||
Gross profit
|
13.0
|
30.4
|
%
|
14.6
|
28.6
|
%
|
(1.6
|
)
|
-11.0
|
%
|
|||||||||||||
Selling, general andadministrative expenses
|
14.8
|
34.6
|
%
|
13.7
|
26.8
|
%
|
1.1
|
8.0
|
%
|
||||||||||||||
Operating profit (loss)
|
(1.8
|
)
|
-4.2
|
%
|
0.9
|
1.8
|
%
|
(2.7
|
)
|
-300.0
|
%
|
||||||||||||
Energy Services
|
Three Months Ended March 31,
|
||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||
(Dollars in Millions)
|
|||||||||||||||||||||||
Net sales
|
$
|
73.1
|
100.0
|
%
|
$
|
55.3
|
100.0
|
%
|
$
|
17.8
|
32.2
|
%
|
|||||||||||
Cost of sales
|
53.5
|
73.2
|
%
|
39.9
|
72.2
|
%
|
13.6
|
34.1
|
%
|
||||||||||||||
Gross profit
|
19.6
|
26.8
|
%
|
15.4
|
27.8
|
%
|
4.2
|
27.3
|
%
|
||||||||||||||
Selling, general andadministrative expenses
|
11.4
|
15.6
|
%
|
10.6
|
19.1
|
%
|
0.8
|
7.5
|
%
|
||||||||||||||
Operating profit
|
8.2
|
11.2
|
%
|
4.8
|
8.7
|
%
|
3.4
|
70.8
|
%
|
||||||||||||||
Transportation
|
Three Months Ended March 31,
|
||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||
(Dollars in Millions)
|
|||||||||||||||||||||||
Net sales
|
$
|
10.2
|
100.0
|
%
|
$
|
11.1
|
100.0
|
%
|
$
|
(0.9
|
)
|
-8.1
|
%
|
||||||||||
Cost of sales
|
9.1
|
89.2
|
%
|
9.9
|
89.2
|
%
|
(0.8
|
)
|
-8.1
|
%
|
|||||||||||||
Gross profit
|
1.1
|
10.8
|
%
|
1.2
|
10.8
|
%
|
(0.1
|
)
|
-8.3
|
%
|
|||||||||||||
Selling, general andadministrative expenses
|
0.9
|
8.8
|
%
|
1.0
|
9.0
|
%
|
(0.1
|
)
|
-10.0
|
%
|
|||||||||||||
Operating profit
|
0.2
|
2.0
|
%
|
0.2
|
1.8
|
%
|
0.0
|
0.0
|
%
|
Corporate
|
Three Months Ended March 31,
|
||||||||||||||||||||||
2013
|
2012
|
2013 vs. 2012
|
|||||||||||||||||||||
(Dollars in Millions)
|
|||||||||||||||||||||||
Intersegment shipping sales
|
$
|
(6.6
|
)
|
$
|
(7.1
|
)
|
$
|
0.5
|
|||||||||||||||
Intersegment shipping costs
|
(6.6
|
)
|
(7.2
|
)
|
0.6
|
||||||||||||||||||
Gross profit (loss)
|
-
|
0.1
|
(0.1
|
)
|
|||||||||||||||||||
Selling, general andadministrative expenses
|
6.2
|
6.1
|
0.1
|
1.6
|
%
|
||||||||||||||||||
Operating loss
|
(6.2
|
)
|
(6.0
|
)
|
(0.2
|
)
|
3.3
|
%
|
AMCOL INTERNATIONAL CORPORATION
|
|||||||||||||||||||
SUPPLEMENTARY INFORMATION (unaudited)
|
|||||||||||||||||||
QUARTER-TO-DATE
|
|||||||||||||||||||
Composition of Sales by Geographic Region
|
Three Months Ended March 31, 2013
|
||||||||||||||||||
Americas
|
EMEA
|
Asia Pacific
|
Total
|
||||||||||||||||
Performance Materials
|
27.8
|
%
|
10.0
|
%
|
11.7
|
%
|
49.5
|
%
|
|||||||||||
Construction Technologies
|
8.2
|
%
|
7.2
|
%
|
2.7
|
%
|
18.1
|
%
|
|||||||||||
Energy Services
|
26.3
|
%
|
1.2
|
%
|
3.4
|
%
|
30.9
|
%
|
|||||||||||
Transportation & intersegment sales
|
1.5
|
%
|
0.0
|
%
|
0.0
|
%
|
1.5
|
%
|
|||||||||||
Total - current year's period
|
63.8
|
%
|
18.4
|
%
|
17.8
|
%
|
100.0
|
%
|
|||||||||||
Total from prior year's comparable period
|
65.3
|
%
|
19.6
|
%
|
15.1
|
%
|
100.0
|
%
|
|||||||||||
Three Months Ended March 31, 2013
|
|||||||||||||||||||
vs.
|
|||||||||||||||||||
Three Months Ended March 31, 2012
|
|||||||||||||||||||
Percentage of Revenue Growth by Component
|
|||||||||||||||||||
Base Business
|
Acquisitions
|
Foreign Exchange
|
Total
|
||||||||||||||||
Performance Materials
|
-3.4
|
%
|
0.0
|
%
|
0.0
|
%
|
-3.4
|
%
|
|||||||||||
Construction Technologies
|
-3.6
|
%
|
0.0
|
%
|
0.1
|
%
|
-3.5
|
%
|
|||||||||||
Energy Services
|
7.8
|
%
|
0.0
|
%
|
-0.2
|
%
|
7.6
|
%
|
|||||||||||
Transportation & intersegment shipping
|
-0.2
|
%
|
0.0
|
%
|
0.0
|
%
|
-0.2
|
%
|
|||||||||||
Total
|
0.6
|
%
|
0.0
|
%
|
-0.1
|
%
|
0.5
|
%
|
|||||||||||
% of growth
|
120.0
|
%
|
0.0
|
%
|
-20.0
|
%
|
100.0
|
%
|
|||||||||||
Three Months Ended March 31,
|
||||||||||||||||||
Performance Materials Product Line Sales
|
2013
|
2012
|
% change
|
|||||||||||||||
(Dollars in Millions)
|
||||||||||||||||||
Metalcasting
|
$
|
63.2
|
$
|
62.8
|
0.6
|
%
|
||||||||||||
Specialty materials
|
24.6
|
30.1
|
-18.3
|
%
|
||||||||||||||
Basic minerals
|
14.7
|
16.2
|
-9.3
|
%
|
||||||||||||||
Pet products
|
13.4
|
14.2
|
-5.6
|
%
|
||||||||||||||
Other product lines
|
1.3
|
1.9
|
-31.6
|
%
|
||||||||||||||
Total
|
117.2
|
125.2
|
-6.4
|
%
|
||||||||||||||
Three Months Ended March 31,
|
||||||||||||||||||
Construction Technologies Product Line Sales
|
2013
|
2012
|
% change
|
|||||||||||||||
(Dollars in Millions)
|
||||||||||||||||||
Lining technologies
|
$
|
13.5
|
$
|
19.4
|
-30.4
|
%
|
||||||||||||
Building materials
|
18.0
|
18.7
|
-3.7
|
%
|
||||||||||||||
Drilling products
|
9.3
|
8.6
|
8.1
|
%
|
||||||||||||||
Contracting services
|
2.0
|
4.3
|
-53.5
|
%
|
||||||||||||||
Total
|
42.8
|
51.0
|
-16.1
|
%
|